Gun maker stocks jump after Supreme Court strikes down New York gun-control law

Shares of gun makers got a boost in morning trading Thursday, after the Supreme Court of the United States (SCOTUS) struck down a New York State gun-control provision. Sturm Ruger & Co.'s stock (RGR) jumped 1.9%, after being up about 1.4% just prior to the SCOTUS ruling, while Smith & Wesson Brands Inc. shares climbed 5.2%, after being up 3.2% just before the ruling. SCOTUS said the New York law that forbids people from obtaining a permit to carry a handgun publicly unless they can demonstrate a special need violated the U.S. Constitution's Second and Fourteenth Amendments, which gives "ordinary, law-abiding citizens" the right to publicly carry handguns. Sturm Ruger's stock has declined 12.3% over the past three months and Smith & Wesson shares have shed 13.1%, while the S&P 500 has dropped 14.9%.

-Tomi Kilgore

(END) Dow Jones Newswires

06-23-22 1057ET

Copyright (c) 2022 Dow Jones & Company, Inc.